How To Open A Current Account?

Opening A Current Account

Running a business and wondering how to open a current account? This is one question we get asked on a daily basis; hence, we’ve decided to put some light on it. The first and foremost thing to know is, having a current account is not a prerequisite for running a business. A current account is needed only if your business has a lot of incoming and outgoing cash transactions on a daily or monthly basis. In this case, it is best to open a current account to ensure the smooth functioning of your business.

What Is A Current Account?

A Current account is also known as ‘Transactional account’ as there is no limit on the number of transactions that one can carry on in a day. These accounts are not held for the purpose of investment of savings but just for the daily business transactions. These accounts are the most liquid type of accounts possible and this is why banks don’t pay any interest on the amount that’s in these accounts. Some banks can also charge a small fee for the service they provide for these current bank accounts.

Who Can Open Current Account?

Any business owner or a company who has multiple transactions on a daily or monthly basis can open a current account. In short, those who have transactions on the higher side need to open a current account.

Which Is The Best Bank To Open Current Account?

Choosing the best bank to open a current account is not as confusing as it may seem. Most banks offer all the features and services you will normally find in personal accounts such as NEFT, Mobile banking, Debit & Credit cards, Overdrafts, Cheque handling & a lot more. However, you may or may not be charged for the transaction you make via your current account. So, the best way to choose a bank for opening your current account is by doing a thorough analysis of all the options you have and what suits your requirement the best. It’s just like choosing a mobile plan for yourself. If you don’t have the time to analyze your options, you can always choose YES BANK.

Below are benefits of opening a current account with YES BANK. YES BANK offers a special three-tier structure for current accounts such as:

Enjoy all the banking benefits, along with efficient value-added services that deliver more than you expect from a Current Account.

For every growing business, it is essential to have a range of customised services to go along with its Current Account, for handling high transaction volumes

Every established business needs maximum benefits and cost-saving features in their Current Account.

With a lower balance expectation, this product best suited for a new setup or a business with less volume of transactions

Choose from the available value-added services linked to business requirements, to sustain the growth of your business

Choose this premium tier for your business and get the best-in-class services and features to meet all your business needs

Eligible for revision to Prime Business & Exclusive Business during its Life Cycle

Eligible for revision to Edge Business & Exclusive Business during its life cycle

Eligible for revision to Prime Business & Edge Business during its life cycle

What Is The Process Of Opening A Current Account?

Opening a current account is fairly simple; here is how you can do the same:

Eligibility Criteria

Required Form

Documents

Submit the form & documents

To understand these steps in detail, continue reading:

Eligibility Criteria: Check if you meet the eligibility criteria. Generally, it’s a very quick process.

Required Form: If you meet the eligibility criteria, then download the necessary account opening form from the bank's website or visit a branch near you to get the physical form.

Documents: There will be a list of documents that you will need to collect and present to the bank while submitting the form.

Submit the form & documents: Once you have filled the form with correct and necessary details, submit the same with your documents.

What Documents Are Required To Open A Current Account?

The current account opening requirements are mentioned below:

Proof of an existing business

Proof of business address

KYC of the business proprietor(s) such as Pan cards, Photo ID etc.

Tax Papers

Partnership deed (in case of partnership firm)

How To Open A Current Account Online?

In case you wish to open a current account online, the process remains the same. You will have to simply download the relevant form from a bank’s official website, fill it correctly and attach your documents, once your documents are verified, your account will be opened and you will be intimated about the same.

We hope we have helped you in understanding the importance of having a current account and how to open the same. In case you wish to know more, head here: https://bit.ly/2nwF06Z.